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FX Rhetoric/Jaw Boning Continues

KRW

Spot USD/KRW has fallen back under 1390 in the first part of onshore trade. The 1 month NDF is close to steady, last around 1387, so a touch under NY closing levels from Tuesday.

  • We have seen headlines cross from BoK Governor Rhee, who stated in a CNBC interview that recent moves have been excessive and that the authorities stand ready to deploy stabilization measures.
  • The FinMin's for both South Korea and Japan have also been on the wires (BBG) stating serious concerns around the weakness of their respective currencies. They met on the sidelines of the G20 meeting in Washington.
  • These comments reinforce the near term focus on FX moves, post yesterday's joint statement from the South Korean FinMin and the BoK.
  • Follow through gains in the won 1 month NDF so far this morning have been limited, but the market may be reluctant to build fresh USD longs close to the 1400 level.
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